At the end of February, our remaining payoff balance is at 19.92% of our original mortgage that we took out in 2007. That’s a reduction of 3.46%.
How much longer until the mortgage payoff?
Once all of February’s payments are applied, we’ll have reduced our mortgage balance by about $4713 this month. That brings our balance to just above $27k. According to our schedule, we have 7 payments left. That means our mortgage will be paid off on October 1, 2018.
We made significant progress this month thanks to a small tax refund and we kept our spending in check so we were able to put the full amount we plan on each month towards it.
We’ve had a project put on hold with my business, but nothing that can’t be made up with a new project or two. Once a project or two wraps up, we should be able to cut another payment off and be done by the beginning of September.
I haven’t forgotten about this, but the side business has kept me pretty busy. The next category I’ll be covering in the budget series is still going to be about gifts.